With 2018 drawing to a close, it is time to start planning for IRS regulatory changes that will affect your payroll processing in 2019.  Here are a few of the changes companies will need to address.

1. The limit on 401(k) plan deductions from payroll will increase $500 to $19,000.  The catch up provision remains at $6,000.
2. Total annual contributions to a 401(k) plan cannot exceed $56,000.
3. The wage limit for FICA – Social Security withholding taxes will increase from $128,400 to $132,900

Many small business owners are busy running their companies, generating new sales and servicing their existing clients.  Their time is limited and keeping on top of these types of changes, as well as other changes in employee related regulations, can be overwhelming.  Yet compliance is not an option, it is mandatory, and failure to comply can result in significant penalties and other expenses that can force a small business to shut down. 

That is where Total Team Solutions can help.  For more than 30 years, Total Team Solutions has been providing human resource outsourcing services that assist small businesses with their payroll, employee benefits and regulatory compliance.  We provide these services in a cost effective way that not only saves our clients money, but more importantly, we save them time.

For more information on how Total Team Solutions HR Outsourcing services can help your small business, contact John Morlock at 800-836-9678, ext. 5, or email him at jmorlock@ttspro.com.